News Corp, owner of The Latest York Post, Wall Street Journal and Dow Jones, narrowly missed first-quarter revenue estimates Tuesday, due partly to foreign currency fluctuations.
In response to the Latest York-based company, total revenue decreased 1% to $2.48 billion within the quarter ended Sept. 30, while analysts were expecting $2.50 billion, based on Refinitiv data. Excluding the impact of foreign exchange, revenue grew 5%.
Overall revenue from promoting grew to $406 million, a $1 million rise from a yr ago.
Net income, nevertheless, declined 75% to $66 million. On an adjusted basis, News Corp reported earnings per share of 12 cents, missing analysts’ estimate of 15 cents.
Shares of News Corp rose 2.2% in after-market trading.
“While the macro environment is patently more volatile, the outcomes highlight the resilience of News Corp and the potential for sustained growth and increased profitability,” News Corp Chief Executive Robert Thomson told investors. “News Corp is constructing on a sturdy base. We now have reported record profitability in each of the last two fiscal years and bolstered our fortunes through savvy investments and by streamlining the price base.”
Last month, News Corp said it was exploring recombining with Fox Corp., owner of Fox News. A recombination would reunite the 2 divisions of Rupert Murdoch’s media empire, which were spun off in 2013.
